Market Commentary:
Ø Asian stocks fell for a sixth day, the longest run of losses since August, and European equity futures slid after Sony (6758) Corp. posted a loss and concern grew that Europe’s debt crisis is worsening. U.S. equity futures and aluminum rose as Alcoa Inc. reported an unexpected profit.
Ø Back home, Key benchmark indices weakened again after trimming intraday losses to hit fresh intraday highs in morning trade. Sensex and Nifty were struggling to hold their crucial 17,100 and 5,200 mark respectively. The broader indices too were struggling to get some traction and the market breadth on the BSE was negative.
Ø Stocks in Focus:
v Cement stocks were under pressure as the Competition Commission of India (CCI) report on cement cartelization is likely today or tomorrow.
v Kingfisher Airlines rallied over 8% after The Hindu Business Line reported that billionaire Mukesh Ambani led Reliance Industries is close to buying stake in the company.
Ø The rupee today depreciated by 13 paise to trade at a fresh three-month low of 51.60 against the US dollar due to capital outflows and increased demand for the American currency from importers.
Ø After a gap-down opening and hovering around that level only till now, we expect market to take further move after the EU mkts opening. As mentioned in morning note we expect Nifty Apr Futs to find support at 5190-5200 level.
Ø INDICES: Sensex -130 at 17113 (-0.76%), NIFTY -44 at 5200 (-0.84%), CNXMIDCAP -56 at 7585 (-0.73%)
Ø SECTORAL PERFORMANCE: BANKEX -1%, AUTO -0.65%, CAPITAL GOODS -1.25%, HEALTHCARE 0.63%, Metal -1.65%, OIL & GAS -0.93%, IT -0.38%, FMCG -0.37%, PSU -0.23%, REALTY -1.02%, Consumer Durables -0.3%, POWER -0.99%
Ø MARKET BREADTH: 179 Advances, 308 Declines (BSE 500)
Ø TODAY'S GAINERS: RBXY 1.98%, DRRD 0.93%, ONGC 0.51%, INFO 0.34%, SUNP 0.32%
Ø TODAY'S LOSERS: ACEM -3.75%, JPA -3.6%, RELI -3.51%, ACC -3.23%, STLT -3.12%
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